New York (Platts)--21Apr2009

US crude stocks fell an unexpected 1.008 million barrels to 370.239
million barrels despite a 1.994 million b/d jump in imports, an analysis of
weekly oil data from the American Petroleum Institute showed Tuesday.

Despite the decline in US crude stocks, API's figure leaves inventories
3.5 million barrels above the most recent data from the US Energy Information
Administration's.

While crude imports surged, inputs to refineries rose 388,000 b/d to
14.514 million b/d, but that was not a sufficiently large increase to offset
the climb in imports. Imports climbed in every region with the most noticeable
increase occurring in PADD III (Gulf Coast). Gulf Coast crude imports soared
651,000 b/d to 6.018 million b/d. And, refinery inputs fell 140,000 b/d
along the Gulf Coast, causing stocks in that region to edge up a mere 204,000
barrels to 194.836 million barrels.

Stocks at the NYMEX delivery point at Cushing, Oklahoma, edged down
26,000 barrels to 25.907 million barrels.

Still, crude stocks were 51.506 million barrels above year-ago levels.

Yet, despite the higher run rates and an increase in production of
gasoline and middle distillates, product stocks rose by meager amounts.

Gasoline stocks increased 107,000 barrels to 218.549 million barrels, or
5.06 million barrels above year-ago levels. Middle distillate stocks edged up
458,000 barrels to 142.781 million barrels, which was 33.776 million barrels
above year-ago levels. Gasoline imports fell 82,000 b/d to 996,000 b/d while
imports of middle distillates were unchanged at an abnormally low level of
139,000 b/d.

Gasoline demand at 9.685 million b/d kept the stock build moderate, but
that is still a number normally associated with peak driving season and not
during a recession. Demand for middle distillates at 3.695 million b/d was a
fairly modest level, but a sign that a slow economy has eroded rail and
on-highway usage of diesel.

--Linda Rafield, linda_rafield@platts.com